Law School (Theses and Dissertations)Law School (Theses and Dissertations)http://hdl.handle.net/2262/1032018-05-24T19:23:15Z2018-05-24T19:23:15ZThe Law of Securitisation in IrelandZAMBELLI, MATTEOhttp://hdl.handle.net/2262/829402018-05-23T02:03:06Z2018-01-01T00:00:00ZThe Law of Securitisation in Ireland
ZAMBELLI, MATTEO
The process of securitisation is a new and innovative financing method that enables capital utilisation, improves market efficiency and allows a better allocation of risk. Evolved over the last few decades, securitisation represents a substantial and established part of Irish and global capital markets. Despite its importance to the economy, the considerable market share that Ireland has achieved in the European securitisation market and the fact that it was one of the factors which exacerbated the financial crisis, the Irish legal framework for securitisation has not been the focus of comprehensive academic research. To bridge this gap, this work will present a focused analysis of the diverse areas of laws and the numerous layers of regulation which affect financial transactions in Ireland. In doing so, it will first strive to elaborate a working definition of securitisation with a solid theoretical grounding, then it will dissect the structure of securitisation transactions and, finally, it will examine the legal and regulatory implications resulting from such review. It should provide comprehensive guidance on the most common securitisation structures used in Ireland that may assist regulators and provide sound foundations for further research in the field. This work will deal primarily with true sale securitisation, however, also whole business and synthetic structures will be discussed. This will entail a discussion of the legal and regulatory issues which affect a securitisation transaction in Ireland.
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2018-01-01T00:00:00ZAddressing gender imbalance on boards of state-owned enterprises in Ireland through regulatory intervention : a hard and soft law perspectiveChike-Anamdi, Obianujuhttp://hdl.handle.net/2262/829022018-05-17T02:06:27Z2017-01-01T00:00:00ZAddressing gender imbalance on boards of state-owned enterprises in Ireland through regulatory intervention : a hard and soft law perspective
Chike-Anamdi, Obianuju
This thesis aims to analyse different regulatory approaches and identify how regulation can be effectively used to address gender imbalance on boards of Ireland’s SOEs. The research is conducted through a theoretical and comparative method, using case studies to better understand how theoretical underpinnings translated in the practical experience of certain countries under regulatory regimes. The research starts by introducing and highlighting a relationship between the three major themes of this thesis which are gender balance on boards, regulation and SOEs. An Irish context of the SOE is then developed showing the relevance of improved gender balance to decision-making and corporate governance structure generally for Ireland’s SOEs. The thesis is then set within the context of global developments in relation to the growing reliance on regulatory intervention to address gender imbalance in economic decision-making, including SOEs, across several jurisdictions. A theoretical background is discussed and provides a foundation against which the practical experience of certain countries are analysed critically and comparatively from an Irish perspective. The case studies presented in this thesis afford a basis to propose a suitable regulatory approach for Ireland. They also provide a basis against which regulatory, political and cultural factors within the Irish environment/society are identified as potential drawbacks in harnessing regulatory benefits for Ireland. These factors that are strongly embedded in the Irish system and have historically contributed to the gender imbalance situation is discussed from a perspective for possible reforms. Finally, the thesis identifies how Ireland can align not only with international development and practice through suitably designed regulatory framework but also leverage on best practice in the corporate governance of SOEs by improving gender balance on their boards.
2017-01-01T00:00:00ZPower in The WindO'CONNOR, MICHAEL MARTINhttp://hdl.handle.net/2262/828332018-05-03T02:02:18Z2018-01-01T00:00:00ZPower in The Wind
O'CONNOR, MICHAEL MARTIN
Employing the uncertain pursuit of Ireland's 2020 renewable electricity target as a case study, this thesis examines the role of law, policy and regulation in the promotion and development of wind energy. Specifically, this thesis seeks to highlight, examine, and understand, the reasons why Ireland (a country with one of the best wind regimes in Europe), is facing difficult challenges in meeting its 2020 national renewable electricity target, with knock on consequences for its binding EU target of 16% of gross final consumption of energy from renewable energy sources by 2020; and the possibility of having to incur significant compliance costs.
This thesis does not seek to question the correctness of an EU policy that seeks to pursue decarbonisation in the interests of climate change, or indeed an Irish policy that seeks to implement that policy through the preferment of wind generated electricity. This thesis rather assumes that these decisions represent a collective assessment and agreement as to the best way forward for European and Irish energy policy. The focus of this thesis is to scrutinise the effectiveness of, and the role played by, law and regulation in securing the desired outcomes of that policy.
Given the extent of EU policy and regulatory intervention aimed at securing specific renewable energy outcomes for individual Member States, the principal question posited in this thesis is how an ostensibly considered, detailed, all-embracing, and at times prescriptive body of EU legal instruments can potentially fail to secure, over a reasonable timeframe, what is on the face of it, a clearly defined purpose in one of the smallest, and most isolated energy markets in the EU.
In this thesis, it is submitted that the answer to this question does not lie in any uncertainty as to what the overall purpose or objective to be achieved is. This thesis reveals that the answer lies in part, with innate, and fundamental flaws in the EU?s legislative schemes for the promotion of renewable energy and electricity market liberalisation; in part with the manner of transposition of those legislative schemes into Irish law; but for the most part, this thesis reveals that the answer to the question lies first and foremost with acts, omissions and failings, on the part of the State, and key actors in the Irish electricity market motivated, in many instances, by purposes that have conflicted with renewable objectives; and secondly, with the conflict that has emerged between wind farm development and protection of the environment considerations; a conflict that the State has done little to resolve and much to further.
The detailed findings put forward in this thesis in support of this overarching conclusion can thus be summarised under four broad contributory factor headings namely: energy law and policy failings; regulatory action and inaction; subversion of renewable energy policy; and the conflict between wind energy development and protection of the environment considerations.
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2018-01-01T00:00:00ZThe Constitutional Boundaries of European Fiscal Federalism: A Study of Public Finance Governance in the European Economic and Monetary UnionGordon, Bradyhttp://hdl.handle.net/2262/826722018-03-10T03:02:46ZThe Constitutional Boundaries of European Fiscal Federalism: A Study of Public Finance Governance in the European Economic and Monetary Union
Gordon, Brady
The first principal task of this research undertaking is to identify the constitutional boundaries of fiscal federalism that are integral to the stability of the European Union legal order as a whole. The second principal task of this research is to define which institutional configurations of fiscal federalism theory remain compatible with the boundaries of the European legal order in this area of study. The analysis yields two constitutional criteria with which any model of European fiscal federalism must comply if it is to remain stable and permanent as a matter of law and economics:
First, any model of European fiscal federalism must preserve the fiscal sovereignty of the twenty-eight constitutional democracies which form the basis of its legal order. Not only has economic policy not been conferred on the Union, it cannot ever be so conferred without abrogating, inter alia, the Democratic State shielded by the ‘eternity clause’ (Articles 20 and 79(3)) of the German Basic Law. Numerous other constitutional courts have drawn similar boundaries around fiscal sovereignty. In so far as the limits of EU competence are governed by the principle of conferral, it can have no powers other than what the Member States have given it, and nemo plus iuris transfere (ad alium) potest quam ipse habet, what the Member States have given it is limited by their own ‘constitutional identity’ jurisdictions.
Second, hard budget constraints and market discipline are indispensable requirements for the fundamental guiding principles of price stability and fiscal discipline binding on the mandate for EMU under Articles 119-127 TFEU. Systems of fiscal federalism which substitute hard budget constraints for centralised legal governance are not compatible with the guiding principles of price stability and fiscal discipline, and are not compatible with the immutable constraints of fiscal sovereignty underlying the European legal order. In particular, the German Constitutional Court has held that the ‘no bailout’ and ‘no monetary financing’ rules safeguard the Bundestag’s ‘national budgetary responsibility,’ and Germany’s constitutional identity would be violated if the Stabilitätsgemeinshaft should become a ‘liability community’ through the ‘direct or indirect communitarisation of state debts.’
This study concludes that the European Union has embarked upon a model of ‘fiscal union’ that is manifestly incompatible with the European legal order. It concludes by offering a roster of specific amendments to defuse latent conflicts under existing legislation, and by specifying the criteria which European fiscal federalism must meet in order to remain stable and permanent as a matter of law and economics.